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Why Crypto.com Coin (CRO) Is Up Over 180% in a Month

Why Crypto.com Coin (CRO) Is Up Over 180% in a Month
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CRO hits new all-time high – should you buy?


the main points

  • Crypto.com is up nearly 30% yesterday after news of a naming rights purchase for the Staples Center. On Christmas Day, Staples Center will be renamed the Crypto.com Arena.
  • So far, CRO has not performed like other exchange currencies. But now it is violating the general trend of the downside price.
  • Increased crypto regulation could have a significant impact on the price of a CRO.

Crypto.com (CRO) coin just reached a new all-time high at $0.5931 before pulling back a bit. In fact, the CRO rate rose by 28% yesterday according to CoinMarketCap data. The increase stands out because it goes against the tide of cryptocurrency – there has been a general drop in cryptocurrency prices in recent days.

This means that the coin is up more than 180% in the last month and more than 800% since the beginning of the year. If you bought $1,000 of CRO on January 1, it would be worth over $9,000 today.

So what is a CRO token and why is it rising?

What is CRO?

Crypto.com is a popular cryptocurrency trading website with more than 10 million users worldwide. CRO is its token, which customers can use to get discounted trading rates and qualify for better rewards.

CRO is available from some of the best cryptocurrency exchange apps, such as Coinbase and (unsurprisingly) Crypto.com. But many exchanges do not list the native tokens of other platforms, so buying CRO is not as easy as other popular cryptocurrencies.

What is driving the price hike?

There are two main reasons for the positive movement of Crypto.com currency:

1. Staples Center will soon be renamed Crypto.com Arena

Crypto.com made headlines yesterday with news that the company had purchased the naming rights to the Staples Center. Starting on Christmas Day, the popular sports and entertainment venue will be renamed Crypto.com Arena. Press reports put the cost of the 20-year deal at $700 million.

Crypto.com will also make it an official partner of the Los Angeles Lakers and LA Kings, both of which call Staples Center home. Crypto.com already has a string of sports partnerships, including Formula One, the NBA’s Philadelphia 76ers, the NHL’s Montreal Canadiens, and some European football teams.

2. Matt Damon is the face of her new ad campaign

At the end of October, Crypto.com launched a global advertising campaign featuring Oscar-winning actor Matt Damon. The ad is titled “Fortune favors the brave,” and its theme is about what humans have achieved throughout history by daring to pursue their dreams.

The launch of the campaign on October 28 marked the beginning of a steady rise in CRO prices.

Should you buy a CRO?

If you are a Crypto.com user, owning and storing a CRO can have benefits. Staking is when you string your coins on a platform to earn rewards. CRO holders can earn rewards for better spending on their Crypto.com Visa debit cards, better interest rates on Crypto.com earning product, and reduced trading fees.

However, if you are only buying a CRO as an investment, here are some things to keep in mind:

  • Be careful when buying a coin that has just reached an all-time high. The cryptocurrency market is full of speculation, which can push the value of the currency to unsustainable levels. CRO may continue to rise, or it may stabilize around this price point. But it may also go down next week. If you’re buying with the hope of another 180% gain in 30 days, you might want to think again.
  • Research the coin carefully to understand its long-term potential. Look at the management team, what problem the coin solves, how many people might want to use it, and understand how the token works.
  • Look at Crypto.com competitors and understand their strengths and weaknesses. Prior to October, Crypto.com was not performing as well as other exchange tokens. To give you an idea, the CRO index rose 156% between January 1 and September 30. The FTX token, FTT, is up 766%, and the Binance token, BNB, is up 884% for the same period. It may mean that CRO still has room to grow, but it is important to understand what held it back before and how it can stand out from the competition in the future.
  • Be aware of the potential impact of upcoming regulations. Tougher cryptocurrency regulation in the US is now inevitable, but it is not clear what form it will take. Cryptocurrency exchanges and the decentralized finance industry are likely to be affected, especially if they have to follow stricter banking-like rules.
  • Invest only money that you can afford to lose. Before you invest any money in Crypto.com currency, make sure you increase your emergency fund and that you are good with your retirement savings. Cryptocurrency investments can be highly volatile and risky, so it is important to first cover your other financial bases and only invest with money you can live without. In this way, if the price of the CRO drops significantly, it will be disappointing, but it will not affect your overall financial situation much.

As an investor, it can be difficult to assess what is a completely new and untested market. Like many cryptocurrencies, exchange tokens like CRO have made significant gains this year. This has led many experts to warn that this is a bubble that may soon burst. Others expect it is only the beginning.

In the end, only you know your investment strategy and your risk tolerance. But, a long-term buy-and-hold approach can certainly help navigate the often choppy crypto waters. A five or even 10 year outlook for your investments makes it easy to avoid short-term speculation and weather market volatility. It also encourages you to spend some time choosing the icons that you think will perform well in the long run.

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